As part of its exploration and prospecting strategy and in terms of the principals of NEPAD, Thabex entered into an agreement on 29 January 2004 with the shareholders of Cresta Mining Company (U) Limited (“Cresta Uganda”), incorporated in Uganda (registration number 2670652), to acquire the entire issued share capital and loan accounts in Cresta Uganda.
Cresta Uganda has been granted ten Exclusive Prospecting Licenses (“EPL’s”) and has been actively exploring these EPL’s for the past two years. Cresta Uganda has also been granted an Investment License (No 43837) from the Uganda Investment Authority issued under the investment Code 1991, allowing for certain investment benefits in Uganda.
The licenses Thabex has acquired include: three for diamonds in Muko, a volcanic complex that covers 21 kilometres in Kabale district and Lake Bugwagi, a volcanic pipe covering 2 kilometres in Bushenyi district. There are also four licenses for gold in Kitomi River in Mbarara/ Kamwenge, Buhindagi River in Mbarara, Ntsinda Hill in Kamwenge and Mafuga Forest in Kabale district. There are three licenses for base minerals covering an area of 42 kilometres, with one in Kampono mine in Mbarara, and two in Kitaka mine in Mbarara/ Kamwenge.
Kasese, Kilembe, Namekara, Nyanga